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Olympus could face new probe
Japan’s securities regulator the Securities and Exchange Surveillance Commission (SESC) has launched an on-site investigation of Olympus Corp to uncover the details of the company’s loss cover-up scheme, the Nikkei said.
Invoking the Financial Instruments and Exchange Law, the SESC will ask Olympus to submit in-house financial documents concerning past mergers and acquisitions, it reported. The SESC will also examine the processes in which investment losses were moved off the company’s balance sheet, the Nikkei said. The financial watchdog will reportedly retrace fund flows, including the hefty fees paid to a financial adviser for Olympus’ acquisition of UK medical devices maker Gyrus.